Rubber is cheaper than steel and probably does provide some vibration damping, not a bad thing for a heavy generator hanging off the side of your engine. On the other hand, if you live in a hot, dry climate you might want to replace a rubber part with a steel one if it was practical to do so. I'd guess those bushings were custom made, but as soon as I do that someone will identify them as WWII parts manufactured when rubber was scarce
